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The SmartyPig Blog

June 19, 2012 • Posted by Sarah Foss

SmartyPig Interest Rate Increasing to 1% APY

We are excited to announce that our SmartyPig banking partner, BBVA Compass, is raising the SmartyPig.com interest rate to 1% APY for ALL customers effective June 19, 2012. Account balances both above and below $50,000 will all earn the new rate.

SmartyPig’s goal-based savings platform allows our users to afford the things they want, using a save-to-spend mentality. And whether it’s back-to-school shopping, holiday gifts, or a badly needed summer vacation, we are excited to help them do so.

With a leading interest rate and cash boosts from your favorite merchants and travel companies, there is no better time than now to start a new goal!

Thank you,

The SmartyPig Team

See the official press release here.

 

 

  • Kate

    Awesome news! Just in time too.

  • Braden Duke

    Finally they are getting it. I remember when it was 2.15% APY then it dropped dramatically very quick. Almost left, but decided to hang in their. It’s nice to see a raise, but its still not quite their yet. Keep working SmartPig! At least your getting back into the game.

  • Amy Fuller

    Wow. That’s incredible timing. I was just getting ready to close some of my goals and shift the funds to an account paying an interest rate higher than 0.70. The only reason I didn’t follow through yesterday was that an automatic deposit was still clearing.
    Since you’ve upped the rate, I think I’ll keep most of the money in Smarty Pig.

    Thank you. It’s nice to know that you care about your customers.

  • FO

    Going under 1% was the worst decision SmartyPig ever made. I closed all my goals. Now that they are going back up to 1%, the raise isn’t good enough to get me to put my money back here and I don’t trust them to keep the rate consistently competitive.

    It’s always easier to keep an existing customer than to win an old one back…

  • Molly

    Wait, really? I obviously missed a huge rate DROP somewhere along the way. So, back in April 2010 rates went up to 2.15% (http://blog.smartypig.com/read/were-raising-rates/). Then in September 2010 they very publicly went down to 1.75% (http://blog.smartypig.com/read/heres-why-your-interest-rate-is-going-down/). Then I can only assume they dropped quietly over time down to 0.7% ??? So now we’re supposed to get all jazzed about an increase to 1% for ALL customers, benefiting big savers (50K+) who are obviously not the people this site was (originally) designed for. Seems a little disingenuous to me.

  • Rick M

    I was feeling pretty good telling everyone how great SmartyPig was (given they used to beat ING hands down at 1.1%) . When they dropped to .7% I felt like the fool since ING was paying .85% at the time. Now that they have raised the APY to 1% they are not quite there but it’s a great start. Maybe now I can feel confident “Refering my friends” again.

    SmartyPig keep it up and you WILL win in the long-run. Especially now that many consumer banks are about as crooked and greedy as snake-oil salesman. The public is figuring out who is treating them right and who is taking them for ride (especially with amateur consumer advocates like me around who carry a lot of financial credibility in their peer group). As more people do so the money will dry up for those other banks as everyone will cast thier lot with companies that actually care.

    Kick it up past 2% and I will personally hold group meetings advocating the use of SmartyPig to all my clients, friends, family and coworkers.

  • Seth R.

    Agree with the rest, I moved all my stuff out and to Sallie Mae a while ago. Now I’m coming back though.

  • Evg0507

    Im excited too! I was starting to loose faith in smarty pig for a second hopefully it will stay that way and go back up to 2% and beyond

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